According to the NRF or National Retail Federation, the back to school and college students have broken all records on spending by putting 2016 at a whopping $75.8 Billion!
2016: BACK-TO-SCHOOL AND COLLEGE SPENDING TO REACH $75.8 BILLION
This rate is almost $10 Billion more than the previous year!! Just think about that.. Does this mean that more students are good to colleges? Or does that mean the cost of back to school supplies and school materials (books, etc) have increased?
According to NRF President and CEO Matthew Shay “Heading into the second half of the year, we are optimistic that overall economic growth and consumer spending will continue to improve.”
This is quite Amazing, did you know besides Winter holidays dominating that busiest shopping seasons, Back to School Shopping is in second. On average a household spends around $675 per student.
So back to our original question, what are they spending the majority on? Lets take a look at this chart below:
Most shoppers are spending their money on apparel and electronics
Bigger Kids, Bigger Bills
College students and families with children in college plan to spend an average of $888.71, according to the survey. That’s down slightly from $899.18 last year, but total spending is expected to be up at $48.5 billion compared with $43.1 billion last year due to an increase of consumers shopping for back-to-college.
Whether it’s portable PCs for class or scaled down ice chests for the residence, school essentially costs more than the lower grades,” Shay said. “Some of these expensive things can last every one of the four years, however when they should be supplanted it’s a greater venture than pencils and lunchboxes. Be that as it may, retailers are prepared to help understudies and guardians alike extend their dollars and make the interest in school pay off.
A couple of more school customers are beginning early this year, with 26 percent beginning two months before school contrasted and 24 percent a year ago while 25 percent will hold up until the most recent week or two, up marginally from a year ago’s 24 percent. Of those shopping mid, 68 percent say they are attempting to spread out their financial plans.
So what does this all mean? It means costs will increase so its a good idea to take advantage by knowing exactly what you need. Families are still looking for bargains, but there are signs that they are less worried about the economy than in the past.
Please check out our downloading printable check list to help you pack. And also browse our site for deals on tons of dorm room essentials.